Skip to main content

Running a small business can be challenging and it’s impossible to predict when and if a problem may come your way. That’s why I’ve put together 5 things you should consider when running your small business. These handy hints are perfect for any stage of your business adventure but will also help you prepare for any unexpected hiccup.

Budget

Creating and sticking to a budget is an important aspect for any business. The best way to determine your yearly budget is to consider what you are looking to achieve for the year and then ascertain where you will need to allocate your resources. For example, if you want to increase customers and sales you may need to increase your spending on advertising and marketing.

Understand your customer base

The key to running a successful small business is knowing your main/regular customers well. Often, you’ll rely on these when sales are quiet, so always look for ways to generate re-sales through them as well as attracting new customers.

Look for trends within customers, for example, are they purchasing a specific product or service? If so, think about sending out a customer survey to find out if there’s anything they need or would like in the future.

Be adaptable

Adaptability is essential and nothing taught all small business owners that more than the COVID-19 pandemic. It made many of us think on our feet, adapt the way we were selling or engaging with our customers, and even change stock. That’s a good thing because many are now well versed in how to be adaptable but it’s also something you can adopt moving forward. So, always have a plan in mind about what you would do if something like the pandemic was to happen again. It’s also good to have a cash buffer set aside for any unexpected circumstances as well as emergency plans for marketing and staffing.

Be social

Social media is more important than ever before. There has been a huge boom in social media presence and every small business should be taking advantage. You should be:

  • Promoting social media marketing campaigns
  • Maintaining active social media profiles
  • Engaging with customers
  • Keeping up to date with current trends.

There are also other things you can be doing to improve your online presence, such as regular blogs, updating your websites SEO, running competitions, and providing customer reviews.

Always look for improvements

Be sure to always look for ways to improve your business model. A great time to do this is if business slows down. During this time, you can look for ways to improve your product or service, increase your revenue, run a marketing campaign, or even provide staff training.

Looking for new ways to improve and adapt your current model will help to add value to your business.

Are you looking for ways to increase your revenue? Do you need advice from an experienced small business owner? Then why not book a free 15-minute discovery call with No BS Consultancy to see if I can help you today?

Leave a Reply